There have been a wide interest to the Blockchain technology since the creation of Bitcoin. Analysts and experts say it has the potential to revolutionize the world economy. Its decentralized, cryptographic and distributed characteristics can solve privacy and security issues not only in online money transactions but also in any other structured information. It is an invulnerable and immutable distributed database of digital assets. It is a platform for trust and a platform for truth. The technology’s significance amazes not just the financial industry but also a lot of aspects in the society. Blockchain is definitely a technology extraordinaire.
Companies in India are starting to venture into this field. Some banking institutions in the country are already showing interest in blockchain based fund transfer platforms. As a matter of fact, Mahindra, one of India’s largest conglomerate partnered with IBM in developing a blockchain-based solutions for supply chain management. Also, New Delhi recently sets to home the first blockchain incubator in South East Asia through Satoshi Studios.
What is Satoshi Studios?
Satoshi Studios is the first ever blockchain incubator for South East Asia. It was started by GBMiners, the first Bitcoin mining pool in India which has 5% share of Bitcoin network’s hashing power according to NewsBTC. It is inviting applications from entrepreneurs around South East Asia to join a 3-month long intensive course starting in April 2017 to June 2017. Companies that will be chosen for the program will be resettled to New Delhi, India and will receive perks that includes training, firsthand sessions with blockchain professionals, living and office space accommodation and a $50k seed funding in return for an equity of anywhere between 8% to 15%. They accept applications directly on their website, SatoshiStudios.io.
According to EconoTimes article, Sahil Baghla, one of the co-founders, said that they have been receiving a lot of interest for the program. Entrepreneurs alike are seeking feedback on their idea on the blockchain and some of them have really interesting blockchain applications to build. Baghla said that they have great interest in working with them and would want to get the opportunity of knowing and working with more of these geniuses in the future.
Vision of Satoshi Studios
Amit Bhardwaj, one of GBMiners advisors said in one of India’s leading daily media that it is their vision to make New Delhi as the blockchain knowledge hub of Southeast Asia. He also mentioned that South East Asia and Bitcoin adoption will have a very dependent relationship. He said that South East Asia region has the largest inward remittance and has the largest number of unbanked people in the world. Thus, there is so much potential in Bitcoin adoption in the region especially with a last year’s demonetization drive in India. He believes that economies in the region will have shared areas of impact from the blockchain technology. He also added that with GBMiner’s connections to blockchain supporting investors will provide the opportunity for entrepreneurs to raise capital from the right people in the region and also save them from reinventing the wheel.
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